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Free AccessFlash Estimates Largely Confirmed for June CPI Prints
GERMANY JUN HICP -0.1% M/M, +8.2% Y/Y; MAY +8.7% Y/Y
FRANCE JUN HICP +0.9%r M/M, +6.5% Y/Y; MAY +5.8% Y/Y
SPAIN JUN HICP +1.9%r M/M, +10.0% Y/Y; MAY +8.5% Y/Y
- This morning's round of final June inflation prints largely confirmed the flash estimates, which saw a 0.5pp deceleration for Germany to +8.2% y/y, versus 0.7pp and a hot 1.5pp acceleration to +6.5% y/y for France and +10.0% y/y for Spain. The slowdown in German inflation is largely a product of energy, fuel and transport rebates.
- Small 0.1pp upticks were seen in the French and Spanish month-on-month readings.
- Soaring gas and energy prices continued to generate upward pressure across the Eurozone in June, as well as food prices which increased at a series-high rate in Spain. Core inflation saw some relief in Germany and France, however, continues to tick upwards in Italy and Spain.
- As such this data confirms the need for affirmative action by the ECB in upcoming months, but offers nothing new to the debate.
Source: MNI / Bloomberg
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.